The beginning of the new academic year has proved quite financially fruitful for the University of Chicago Booth School of Business and the University of Michigan Ross School of Business, as both schools recently received sizable donations from alumni.
Real estate developer and University of Michigan alumnus Stephen M. Ross, after whom the business school was renamed in 2004 following his $100M donation, continued his philanthropy by gifting $50M to his alma mater. Ross, who has now donated nearly $380M to the school in total, is also the chair for the university’s fundraising campaign, Victors for Michigan. The campaign has brought in more than $4B to date. Ross’s latest donation will be used for student career development programs, faculty training, and MBA learning experiences.
Chicago Booth recently received the second-largest donation in its history from alumni Amy and Richard Wallman, who met while pursuing their MBAs at the school in the 1970s and went on to build careers in finance and accounting. The $75M gift will be used for such initiatives as scholarships, and students who graduate with the highest honors in future years will be named Amy and Richard Wallman scholars in honor of the couple. “The Wallman Scholars will be recognized as preeminent in this cadre of future leaders, modeling the potential and the spirit of their benefactors,” Chicago Booth Dean Madhav Rajan said in a statement regarding the donation.